Major crypto executives accused of participating in $500 million money laundering program
Federal prosecutors in Brooklyn alleged that Iurii Gugnin, the founder of a U.S.-based cryptocurrency payment company, and orchestrated an elaborate international money laundering business, which allegedly approved Russian banks and entities, which raised more than $530 million.
According to CNBC Report Regarding the matter, a 38-year-old Russian national living in Manhattan was arrested and arraigned on Monday, where he was ordered to be detained without bail trial.
“The Secret Pipeline of Dirty Money”
Gugnin faces 22 charges, including allegations of wire and bank fraud, violation of U.S. sanctions, money laundering and failure to implement a mandatory anti-money laundering program. Assistant Attorney General Eisenberg said:
The defendants are accused of turning a cryptocurrency company into a secret pipeline of dirty money, shifting more than a billion dollars through the U.S. financial system to help approve Russian banks and help Russian end users access sensitive U.S. technology.
According to prosecutors, Gugnin used his company (Evita Investments and Evita Pay) to process large amounts of payments while masking the origin and purpose of the funds. It is said that between June 2023 and January 2025, he mainly used Tether’s USDT Stablecoin to remit funds through various U.S. banks and cryptocurrency exchanges.
Gugnin’s clients include individuals and businesses related to approved Russian agencies such as Sberbank, VTB Bank, Sovcombank, Tinkoff, Tinkoff and state-owned nuclear energy company Rosatom.
Crypto executives face up to 30 years in prison
To carry out the plan, Gugnin allegedly misrepresented the nature of his business, forged compliance documents, and deceptive banks and digital asset platforms regarding his ties to Russia.
Prosecutors claimed he concealed the source of funds through his Shell account and changed more than 80 invoices to digitally delete the identity of his Russian rival.
Investigators also found internet searches that showed Gugnin was aware of the scrutiny he faced, which included questions such as “How to know if you are investigated” and “Money laundering penalties in the United States.”
It is worth noting that the Justice Department stressed that Gugnin maintained direct contact with members of Russian intelligence services and Iranian officials who did not arouse individuals in the United States. He has also been accused of promoting the export of sensitive U.S. technology to Russian customers, including controlled counterterrorism servers.
If convicted only on bank fraud charges, crypto executives face a statutory maximum sentence of 30 years in prison. But if he is convicted on all charges, he may encounter a longer sentence, which may exceed his life, stressing the seriousness of the charges against him.
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